As far as I have learned and practiced, the position of the fist should have mostly to do with the range it is employed at, whichever hand is delivering it.
When the palm is facing down, it would allow for a little bit farther range to be used. When the palm is facing you, this would be a closer range punch.
This is what I have been taught and have found to be true. It is true that you could launch either punch in either range, but I believe that through enough experience training these punches and trading them in the ring, you'll find this to be true.
Of course, if anyone has valid information otherwise, I would be glad to explore and consider it.
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